Millions of paper tenners yet to be changed ahead of deadline

UK News | Published:

The Bank of England estimates more than £2 billion in old notes remain in circulation.

A man holds a new ten pound note featuring Jane Austen outside the Bank of England in London (PA Wire / Dominic Lipinski)

More than £2 billion worth of old-style £10 notes remain in circulation, with less than a fortnight to go until they are no longer accepted in UK shops.

The Bank of England said the withdrawal rate is “broadly as expected” ahead of the March 1 deadline, at which point the paper £10 note will cease to be legal tender – replaced completely by the polymer version.

Anyone with the old notes beyond this point will still be able to exchange them for the new equivalent at the Bank of England.

Jane Austen bank note
A £10 note dating from 1992 will no longer be accepted in shops (Bank of England/PA)

According to the latest figures, the value of paper £10 notes in circulation is around £2.182 billion –  the equivalent of around 218 million paper £10 notes. This means that paper £10 notes represent around 27% of £10s in circulation.

Currently, weekly returns of paper tenners are averaging a value £85 million.

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